This post is not the first time I've expressed my disrespect towards Bitcoin maximalists, and it certainly won't be the last. Despite their claims of being "decentralization advocates," most of them prioritize the dollar valuation of their assets over the utility of their tokens.
How many of them actually use Bitcoin in any way? It's rare to come across individuals who actively engage with Bitcoin's technology, such as encouraging companies to accept it through the lightning network or building businesses that involve its use.
Michael Saylor, in particular, is one of the most toxic maximalists on the internet. I unfollowed him on Twitter a long time ago and have no intention of following him again. Recently, he stated that BTC dominance will reach 80% in the near future as the market eliminates altcoin projects and recognizes the true value of Bitcoin.
Bitcoin is undoubtedly valuable, but it's an overstatement to say that there is no second-best option. I've written several posts comparing Bitcoin and Hive, making my case for why I believe Hive is better in certain aspects. I won't rehash those arguments here.
What Mr. Saylor fails to grasp is the growing need for projects like Hive, as well as those related to AI, the metaverse, gaming, and more. These projects will absorb a significant portion of market capitalization from less useful ventures. Tokens like MANA, SAND, and DASH have recently suffered due to Garry Gensler labeling them securities and implying that Coinbase and Binance listed them unlawfully.
I bet that the SEC will lose its lawsuit against Ripple, as it will likely do in the cases of Binance and Coinbase. This could lead to a market rebound sooner than expected. I do agree with Saylor on one point: there are many terrible projects that should not be considered legitimate crypto projects.
While many of these projects will perish in the coming years, it doesn't mean that all the capital will flow exclusively into Bitcoin, neglecting other altcoins. The past decade has seen significant developments in the crypto space, but I believe we have yet to witness the true potential.
Currently, we are witnessing the establishment of foundations and numerous promises, similar to what occurred during the dot-com bubble. However, just as eBay and Amazon survived the bubble and thrived in the following decades, we will have our own Amazons and eBays in the crypto world.
I don't believe every so-called Web3 or AI project will survive ten years from now. However, that doesn't mean that some won't thrive, and it certainly doesn't support Saylor's claim of Bitcoin's dominance skyrocketing. On the contrary, I see much more utility in altcoin projects than in Bitcoin.
The current phase in crypto is quite boring, I know, but this is also probably the best time to be accumulating Bitcoin and altcoins. As I wrote in my previous @leofinance post, 2023 could be the year of maximum opportunity for loading up on crypto, so stick around and stay level headed. We won't see new ATH any time soon but don't expect to see the market entering a new bear market either.
Thanks for your attention,
Adrian
